All Forum Posts by: Anthony Petrarca

I've done ok, I've collected 85% of all rent due for April...still cringing though

How are you handling vacant units during this mess? I have one vacancy which I've held off on and another coming up at month's end.

Are you showing them, is it legal?

@Brandon Ingegneri

Thank you, Brandon.

@Dave Foster, thank you very much for the info. I just got off the phone with the division of taxation and my RE atty had spoken to him already. He told me all he needs in order for the letter of good standing is a tentative return and a statement saying we will be doing a 1031 exchange and we have not yet identified a replacement(s) yet and will do so under the guidelines of a 1031 exchange.  The atty and QI are up to speed, it's the accountant that is the holdup.

I have a call in to the Division of Taxation....we'll see how that goes

@Anthony Thompson, that is a good idea, thank you. Have you done any 1031's lately?

Yes I already have a qualified intermediary in place and understand the rules of the exchange very well, until he hit me with this. We close at the end of October on the property I'm selling.

Just got off the phone with my accountant, he is digging his heels in on this and saying everyone fights him on this and he has become an expert on this, because he went through this in December. He said it's a state rule and not federal. I even told him there is no spot to identify the property to be bought on the form and he maintains the same attitude.

Than you, Anthony, I looked at that document earlier also. He keeps saying in order to get the Letter, they need a property identified, which makes no sense. 

Yeah, the accounting claims I have to identify the exact property and close on that one or pay the tax man. 

Hopefully someone can shed some light from experience.

I'm in Rhode Island and going to do a 1031 exchange and my accountant needs to obtain a letter of good standing from my state. The accountant claims that I need to identify the actual property ( not properties) I plan on exchanging in order to obtain the letter of good standing. My RE atty spoke to the division of taxation and they said this is false, but my accountant has a way of making people look dumb and is usually correct and said he had an investor recently lose a deal and have to pay cap gains because of this. Anyone?

@Brandon Ingegneri

Thanks, Brandon. I am finding nothing in RI! Going to tour a few bldgs 20-31 units each out in CT this week. Then in Mass a few days later.